Aside from Bitcoin (BTC) and Ethereum (ETH), there are other digital currencies worth considering for people looking to diversify their portfolios and get experience with new cryptocurrencies, Solana (SOL) is one of them.
Solana is an open-source, public blockchain that facilitates using smart contracts, decentralized applications (dApps), and NFTs (non-fungible tokens). The SOL token, which is intrinsic to the Solana blockchain, serves as a means of exchange and ensures the safety of the network via staking.
If you are interested in the future of SOL and want to know its predicted value for 2022, 2023, 2024, 2025, and 2030, keep reading!
Solana is a powerful open-source project that offers DeFi (decentralized financial) infrastructure solutions by leveraging the permissionless nature of blockchain technology. The Solana Foundation, based in Geneva, Switzerland, began conceptualizing and working on Solana in 2017, and the platform was officially launched in March 2020.
The Solana protocol makes it easier to develop decentralized applications (DApps). To increase scalability, a proof-of-history (PoH) consensus is introduced and layered on top of the blockchain’s underlying proof-of-stake (PoS) consensus. The Solana Foundation has devoted a lot of resources to spreading the use of decentralized financial systems.
Solana is well-known in the cryptocurrency space due to the blockchain’s incredibly rapid transaction processing. The hybrid protocol utilized by Solana significantly reduces validation and execution times for both transactions and smart contracts. Solana has attracted a great deal of institutional interest due to its blazing-fast processing times.
The Solana protocol is designed to serve both casual users and large businesses. According to one of Solana’s primary promises, customers will not be surprised by increased fees and taxes, and the protocol creates low transaction costs while ensuring scalability and rapid processing.
Solana utilizes proof-of-history (PoH) and proof-of-stake (PoS) consensus mechanisms. Proof-of-history is essential to the Solana protocol, as it handles most transaction processing. PoH logs successful operations and the interval of time between them, ensuring the blockchain’s lack of trustworthiness.
The proof-of-stake (PoS) consensus is a monitoring tool for the proof-of-work (PoH) processes, validating each block sequence it generates. Combining two consensus mechanisms distinguishes Solana as a singular phenomenon within the blockchain industry.
One crypto analyst also a degen with over 132k followers tweeted on Twitter that Solana price has a potential of breaking higher high.
However, there is a tweet from another analyst mentioning that Solana is dead. He said Solana will never reach rank of 5 again.
Ethereum founder, Vitalik tweeted that Solana chain has a brighter future.
According to CoinMarketCap, Solana (SOL) is hovering over $25.07 at the time of writing, with a total of 378,258,189 SOL in circulation. SOL has a 24-hour trading volume of $1,013,403,455, with a 43.14% decrease. And during the past 24 hours, the price of SOL decreased by 5.02%.
The most popular crypto exchanges to trade Solana (SOL) are Binance, OKX, BingX, MEXC, and Deepcoin. Let’s continue with our SOL price research for 2023.
By market capitalization, SOL ranks 11st on CoinMarketCap’s list of the biggest cryptocurrencies. Will Solana’s most recent improvements, additions, and modifications help the SOL price rise? First, let’s focus on the charts in this article’s SOL price forecast.
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Source: Cryptocurrency - investing.com
